cryptojournalist
New Registration Deadline
Taiwan is moving quickly to tighten its crypto regulations. The Financial Supervisory Commission (FSC) has brought forward the deadline for crypto exchanges to register under new Anti-Money Laundering (AML) rules, now set for November 30, 2024, instead of January 2025. Failing to comply could result in fines of up to $155,900 or a prison sentence of up to two years.
All Crypto Providers Must Register
Whether they’re new or already registered, all cryptocurrency businesses in Taiwan must now follow the updated AML rules. Currently, 26 crypto providers are approved to operate, but none have fully completed the registration process. To help identify suspicious activities, the FSC has issued guidelines for exchanges to track unusual behavior like multiple accounts, frequent changes in customer details, or abnormal trading patterns.
Penalties for Non-Compliance
The FSC recently fined two major exchanges, MaiCoin and BitoPro, for not following AML rules around customer checks and reporting suspicious transactions. This highlights Taiwan’s growing effort to hold crypto businesses accountable.
Simple Registration Process
Crypto providers only need to submit a one-page form to register under the new rules. They must also report any changes to their business within five days and set up systems for managing financial records and audits.
